Isle of Man Treasury Minister Allan Bell is to ask parliament (the Tynwald) to authorise the transfer of GBP180m from government reserves to put funding in place for the proposed Scheme of Arrangement for depositors with Kaupthing Singer & Friedlander (Isle of Man). The sum includes an advance on contributions that will be levied on the banking sector. Total direct provision from the government will be around GBP150m, though the eventual net cost to government would be lower after recoveries made during the course of the scheme, noted the government’s release.
“The motion to the March sitting of Tynwald this week is really to confirm support for government funding if the scheme of arrangement gets the go-ahead. This underlines the government’s commitment to the scheme as the best way forward for depositors,” Bell explained.
The Scheme of Arrangement will make guaranteed scheduled payments to depositors underpinned by the government. The scheme is subject to approval by the High Court and by the bank’s creditors. The matter is due in the High Court on April 9.
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